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Hanjin’s Subic Bay budget rises

SOUTH Korea’s Hanjin Heavy Industries has confirmed a statement by Philippine President Gloria Macapagel-Arroyo that the company investment in its Subic Bay facility could top $1.65bn. Hanjin Heavy first officially announced its intention to build a shipyard at the ex-US naval base in March 2006, when it stated it would invest $1bn in a two-phase facility.

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